It was a busy day for Masdar and Adnoc at COP28 yesterday, with the two energy companies inking a raft of clean and renewable energy agreements during the day.

Masdar and Iberdrola will co-invest EUR 15 bn in the EU and US clean energy markets: State-owned renewables developer Masdar signed a strategic partnership agreement with Spain’s Iberdrola to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US, according to a statement.

We knew this was coming: Back in October, Masdar said it is planning to snap up a 49% stake in Iberdrola’s largest offshore wind project off Britain’s eastern coast – East Anglia 3 — for EUR 2 bn (USD 2.1 bn). The new EUR 15 bn co-investment partnership could see the acquisition agreement for the 1.4 GW wind farm finalized by 1Q 2024, the statement notes. East Anglia 3 is scheduled for full commercial launch by 4Q 2026.

Not their first collaboration: Masdar entered a similar agreement with the Spanish utility back in July, acquiring a 49% stake in its EUR 1.6 bn Baltic Eagle offshore wind farm off the coast of Germany. The sale of shares in Baltic Eagle falls under Iberdrola’s EUR 47 bn investment plan in the renewables sector.

Masdar is also tapping into Jordan’s clean energy sector: The renewables giant has also inked a joint development agreement with Jordan’s Energy and Mineral Resources Ministry to establish a 1 GW wind farm accompanied by a battery energy storage system (BESS) in the country, according to a statement. The expected investment ticket and timeline for the project were not disclosed.

There’s more: Masdar and Jordan also signed an MoU to explore the feasibility of establishing a green hydrogen generation plant in the country, the statement notes. Masdar has set a target of generating 1 mn tons of green hydrogen annually by 2030 in line with UAE plans to capture 25% of the market by the end of the decade, the statement added.

ALSO- Masdar signed a roadmap agreement with Uganda to develop a 150 MW solar energy farm in the country, the company said. The agreement comes as part of a wider agreement to develop 1 GW of PV projects in the African country. The expected investment ticket and a timeline for the project was not provided.

Adnoc + Socar partner on low-carbon energy: Adnoc and the State Oil Company of Azerbaijan Republic (Socar) signed an agreement to collaborate on developing low-carbon energy technologies, according to a statement. The agreement will see Adnoc and Socar explore advancing blue hydrogen, carbon management, and geothermal tech that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other markets. Both companies signed the Oil and Gas Decarbonization Charter at COP28 earlier this week which aims to end flaring, eliminate methane emissions by 2030, and achieve net zero by 2050. The collaboration agreement comes as Masdar — partly owned by Adnoc — established a base of operations in Azerbaijan earlier this year and inaugurated a 230 MW solar project in the country with plans to develop a further 1 GW of clean energy projects.

ALSO- ENEC partners with US-based Westinghouse on nuclear energy:The Emirates Nuclear Energy Company signed an MoU with US manufacturer Westinghouse Electric Corporation to explore usage of the latter’s eVinci nuclear power microreactors in the UAE, according to Wam. The eVinci system is designed for decentralized application and has up to a 5 MW power generation capacity. The microreactor can generate clean electrons and molecules, including hydrogen and ammonia, and can process heat for industrial processes.

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